Required documents for Self-employed person of borrower and guarantor
- Copy of Hong Kong Identity Card/ Passport
- The latest proof of home address
- Prelim (Preliminary Agreement for Sale and Purchase)
- Valid Business Registration
- Practicing Certificates (for professionals)
- Latest tax demand note
- Latest audited financial statements (If any)
- Bank book / statements showing average net capital flow for the past six months
Reminder for Mortgage Insurance Programme
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Eligible Property: Residential properties
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Borrower Type: Personal Customers
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Use of Property: Owner-occupied
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LTV ratio above 80%: applicant(s) should be regular salaried first-time homebuyers
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Debt-to-Income ratio (DTI): The limit on DTI of the total monthly repayment amount for the borrower should not exceed 50% of total income per month, and banks should stress-test mortgage applicants’ repayment ability, assuming an increase in mortgage rates of at least three percentage points, and limit the stressed DTI to a cap of 60%.
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Premium rates: Single and annual premium payment option, no premium refund arrangement under annual premium payment option.
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Premium rates: Single and annual premium payment option, no premium refund arrangement under annual premium payment option.
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The sum of age of borrower and loan tenor: Bank will usually specify that the sum of age of borrower and loan tenor should not exceed 75 years, while loan tenor should not exceed 30 years.
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The sum of property age and loan tenor: Bank will usually specify that the sum of property age and loan tenor should not exceed 75 years, while loan tenor should not exceed 30 years. (Remarks:For Village House Mortgage, the maximum sum of “Original/ Remaining Term To Maturity” and “Age of Property” should not exceed 55 years , while loan tenor should not exceed 30 years.)